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The Individual 
The Corporation and 
the Government 

& 


ADDRESS 

BY 

HOWARD ELLIOTT 

vr 

PRESIDENT, NORTHERN PACIFIC RAILWAY 

BEFORE THE 

National Association of Manufacturers 

AT ITS 

SIXTEENTH ANNUAL CONVENTION DINNER 
NEW YORK 
May 17, 1911 







£i£*ih , Z&.K# 

Rut Scon. 

JUL as 1911 


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The Individual 
The Corporation and 
the Government 


Mr. Toastmaster and Members of the National Association 

of Manufacturers: ? 

/ 

It is a great compliment to be asked to‘ speak at a meeting 
of so important an organization as yours, and I thank you very 
much for the opportunity. 

You represent the business of manufacturing numerous 
articles demanded by the American people, who as a whole are 
more virile, more intelligent and more prosperous than those of 
any other nation in the world. 

I represent the business of manufacturing transportation in 
many forms, demanded in constantly increasing quantity and in 
improving quality by the people of the United States. 

Interdependence The welfare of the people of this country, 
of of the manufacturers, and of all business, in- 

Business eluding the railroad business, is interde¬ 

pendent, and in the long run there must 
be proper relations between them and the Government and fair 
and reasonable treatment qJ and by each to permit that progress 
in this country whichAts marvelous resources and intelligent pop¬ 
ulation justify. 

■l 

> ». > * 

> * 

> * > 




The business that you and I represent is conducted under 
many similar conditions and have many of the same problems 
and difficulties. We both represent property created by the 
money of private individuals. We both have received some priv¬ 
ileges from the Government and we both have to obey regulatory 
laws, but to a far greater extent in my business than in yours. 

We are both in the business of manufacturing as economically 
as we can and of selling in as wide a market as we can for the 
purpose of making money, and if we cannot make money we 
will fail sooner or later and give up the business. 

Difference There are three important differences, how- 

between ever, between the business that most of you 

Manufactures represent and the railroad business, 
and Railroads first is that you can close your establish¬ 

ments, reduce your expenses to the necessary 
caretakers and lose the interest on your investment until such 
time as your inclinations or the demands 5 for your particular ar¬ 
ticles make it worth while to operate your plants. The railroad, 
however, cannot stop; once started, it must go on unless the 
owners choose to abandon it absolutely^ and lose not only all 
chance of interest on their money, but the entire principal as well. 

The second is that most of you can warehouse your product, 
hold for rising prices and sell at some future time. The rail¬ 
road cannot do this. It must have ample transportation ready at 
any given time and place, and if it is not used then and there 
it is lost not only to the railroad, but to the consumer. 

The manufacturer of transportation must always be ready to 
furnish the maximum amount of transportation for the use of 
the American people. In other words, he must be ready for the 
“peak load” at any time. This “readiness to serve” means a great 
investment and a great expense which is given far too little con¬ 
sideration by those who now make the numerous laws, rates, rules 
and regulations, affecting the railroads. There should be enough 
margin of profit in the business so that at all times and places 
there will be this “readiness to serve.” 



2- 


The third is that you have some control of your prices. In 
times of a very great demand for any article you can and do 
increase your unit prices and in poor times you are at liberty to 
reduce them to encourage trade, with no fear that later on you 
will be forbidden by the government to advance them. You 
can meet competition and take on extra business without cutting 
your entire scale of prices. In the railroad business an exces¬ 
sive demand not only brings no increase in the unit price, but 
legislatures and commissions, which have practically taken charge 
of the management of the railroads (except the responsibility of 
their finances), more and more take the view that an increasing 
demand justifies lower prices, thus reversing the old-fashioned 
law of Supply and Demand. 

Erroneous The so-called Railroad Question has been 

Idea of magnified and much distorted by politi- 

Railroad Business cians and doctrinaires. The people have 

been led to believe that the railroad busi¬ 
ness is very different from other forms of business and that it 
can be successfully conducted under many severe legislative handi¬ 
caps and according to rigid mathematical formulas. 

That it has sustained itself to the present time is due to the 
great growth of the country and to the patient, able and courage¬ 
ous work of men who have devoted their lives to the business. 
It has achieved moderate success, not because of legislative inter¬ 
ference and tinkering, but in spite of them. 

What Is What is business? Professor James Mark Baldwin, 
Business? in his volume, “The Individual and Society,” says 
that “business has to do with the production and distribu¬ 
tion of valuable things; money, utensils, anything for which there) 
is a demand in society; or on which society or some individuals of it 
set value;” and again, “to produce such things in response to the de¬ 
mand and to distribute them to those from whom the demand conies; 
is the undertaking of business ” 

Here is set forth very clearly the idea that the distribution 
of things you are making is business just as much as is the 


3 







Drift to Cities These figures show clearly how our people 
and Importance have drifted to towns and cities and show 
of Country Life how important it is that the great primary 

occupations of agriculture and transporta¬ 
tion be successful and adequate if we are to have food and if we 
are to avoid those difficulties that are incident to densely crowded 
cities. 

The great railroads and the great industrial corporations are 
all doing work in the direction of encouraging wise conserva¬ 
tion of resources. The Country Life movement is a good sign 
and every patriotic American should do what he can to help 
those movements and to create a public opinion that gives as 
much credit, if not more, to the wholesome farmer, his wife and 
children, as to the dweller in the town and city. 

Manufacturing Manufacturing in this country has increased 

from 140,433 plants in i860, with $1,009,855,- 
715 of capital and 1,311,246 employes receiving $378,878,966 in 
wages to 533,7^9 plants in 1905 with $13,872,035,371 of capital 
and 6,723,926 employes receiving $3,625,911,957 * n wages. In 
i860 the value of the products of the manufacturing plants was 
$1,885,861,676 and in 1905 it was $16,866,706,985. 

Railroads In 1850 there were only 8,571.48 miles of railroad 
in the United States or 3.71 miles for each 10,000 
people and in 1909 there were 236,868.53 miles of railroad and 
342,351 miles of track or 37.2 per 10,000 people. In 1880 the 
gross earnings of the railroads were $615,401,931. In 1909 they 
were $2,418,677,538. In 1888 American railroads transported 
61,329,000,000 tons one mile and in 1910 they transported 250,- 
418,000,000 tons one mile, an increase of 324 per cent in volume 
of service, and the rate per ton mile the railroads received 
declined 24.5 per cent. In 1888 they carried 10,101,000,000 pas¬ 
sengers one mile and in 1910, 33,270,000,000, an increase of 229 
per cent, though the average receipts per passenger per mile de¬ 
clined 26.9 per cent in that period. Mileage of freight trains in¬ 
creased 80 per cent and of passenger trains 112 per cent, showing 
how much improved is the service of today to thousands of scat- 


6 


tered communities. In 1880 the par value of all railroad securities 
outstanding was $5,004,521,666.08 and in 1909 $13,914,302,- 
363 at par in the hands of the public, represented the rail¬ 
road property of the United States, including their great ter¬ 
minals, large equipment, lands, cash and miscellaneous invest¬ 
ments of all kinds or a capitalization of less than $60,000 a mile 
of railroad, and less than $41,000 a mile of track. But the real 
capital in the railroad business is all the property owned and not 
the cost of the property or the amount of securities issued. In 
fact the securities issued against American railroads as a whole to¬ 
day, in my judgment, are much less than their fair value as “go¬ 
ing concerns.” 


\alues and Minnesota i n what is known as the Minnesota Rate 
Rate Case Case just decided by Judge Walter H. 

Sanborn of the United States Circuit 
Court a judicial valuation of the railroad property of the Northern 
Pacific Railway Company, was made. This case was tried most 
thoroughly, the testimony being taken before a Master, ex-Judge 
Charles E. Otis, and lasting nearly four years. Many expert wit¬ 
nesses were called on behalf of the railroad and the State, and 
elaborate statements of valuations were submitted, analyzed and 
dissected. The testimony in the Northern Pacific case filled 4,258 
pages, and the special statements supplementary thereto filled 
two volumes. 

As a result of this searching examination the Master on 
September 21, 1910, submitted his findings and recommenda¬ 
tions. He found that the value of the property of the Northern 
Pacific Railway Company employed in its transportation business 
was on June 30, 1908, $452,666,489.00, as compared with securi¬ 
ties in the hands of the public at that time amounting at par 
to $405,225,575.29. These securities represent not only the rail¬ 
road property used for transportation purposes, but a large 
amount of other property, such as land, coal mines, new roads 
under construction, several important pieces of railroad recently 
acquired and constructed, important terminal property, treasury 
securities and cash. 


7 


Judge Sanborn In passing upon the findings of the Master, 
on Valuation Judge Sanborn used the following language: 

“The Master found the original cost of the acqui¬ 
sition and construction of the entire railroad systems of each of the 
companies and the proportion thereof assignable on a track mileage 
basis to Minnesota. The amounts thus found prove to be much less 
than the values ultimately found by the Master, and for this very 
good reason : These railroads were pioneers; they were built in large 
part over the prairies of Minnesota before they were settled and before 
many of the existing towns, villages and cities along their lines came 
into existence. A large part of the right of way of the Northern 
Pacific Company was granted to it by the nation. The cost of rights 
of way from 5 to 40 years ago through wild lands, and through tozmis 
and villages whose population and the value of the property in 
which have since been multiplied by from 2 to 10, is obviously no cri¬ 
terion of the value of those rights of way in 1908, when they were used 
under these fares and rates and when agricultural lands in Minnesota 
were worth from $35 to $100 an acre, and rights of way and lands for 
yards and sites for stations in cities like St. Paul and Duluth have 
wonderfully increased in value. It is a fair return upon the reason¬ 
able value of their Minnesota property in 1908 to which these com¬ 
panies were entitled and the cost of that property at times varying 
from 5 to 40 years ago may be some evidence, but it is certainly 
no criterion of its value in that year. In view of these facts the Mas¬ 
ter rightly decided that the cost of reproducing this property new was 
a more rational and reliable measure of its real value than the original 
cost of its acquisition and construction or the market values of the 
stocks and bonds of the companies, and upon that basis he made his 
findings.” 

Here is shown conclusively that the fair value of this one 
railroad is very much in excess of the securities issued and this 
judicial valuation is the best of evidence that there is no water 
in the securities of this particular Company. 

Valuation Four western states have made careful valuations 
by of the railroads within their borders, and the Corn- 

States missions, if they err at all, have not made mistakes 

in favor of the railroads. The results were as 

follows: 


8 


Cost of 

Reproduction Capitalization 

Washington (1905). $194,057,240 $161,582,000 

So. Dakota (1908). 106,494,503 109,444,600 

Minnesota (1907) . 360,961,548 300,027,676 

Wisconsin (1909) . 296,803,322 225,000,000 

Total . $958,316,613 $796,054,276 


In Minnesota and Washington the valuations made by the rail¬ 
roads at the same time were considerably in excess of those made 
by state authority and there is good reason to believe that they 
were made more thoroughly and accurately than those made by 
the states. Even on the lower valuations made by the states the 
capitalization is less than the cost of reproduction. 

There is every reason to assume that a similar careful calcula¬ 
tion and computation of the value of American railroads as a 
whole will prove their value to be greater than their capital¬ 
ization. 

Labor and There were in 1900 engaged in manufacturing, 

Labor Unions mechanical pursuits, trade and transportation 

nearly 12,000,000 persons. No very com¬ 
plete figures exist of the exact number of persons belonging to 
labor unions, but it is thought that the number is not more than 
3,000,000, or about 25 per cent of the total number employed 
in these four lines which do not include agriculture, in which 
there are no labor organizations. 

Complex Relations These figures clearly show the growth of 
of Business the country and how from the rather simple 

forms of agriculture, transportation, min¬ 
ing and manufacturing, that growth has made necessary the 
great instrumentalities of business as they now exist and has 
created the complex relations between the various forces that 

affect business today. 

Most of this great development has come since the Civil War, 
or in only 45 years, and as a result of this wonderful forward 
march, due largely to the unexcelled railroad facilities of this coun- 


9 










try, a very large proportion of the people of the United States en¬ 
joy comforts and even luxuries to a greater extent than in the 
period before and just after that great conflict, and to a much 
greater extent than the people of other nations. Every 
patriotic American should be grateful and proud of the daring and 
directing minds that have helped to make the country as great and 
prosperous as it is. 

Need of These big things could not have been done, 

Collectivism and the people of this country could not have 

been fed, sheltered, kept warm, and transported 
had each been forced to depend upon his own efforts in ob¬ 
taining what he needed and wanted. Individuals have, there¬ 
fore, gradually banded themselves together into partnerships, 
corporations, banks, trusts, insurance companies, labor unions, 
and other forms of collectivism because only through co-opera¬ 
tion could they do the big work of this country. 

Unfair In the last few years, however, there has grown up 

Critics in this country a set of political economists and re¬ 

formers who “see ghosts’’ and who are inclined to 
think that these great instruments of commerce are all wrong 
because of their size and that they should be regulated, con¬ 
trolled and managed in detail by the Government. 

Fortunes The exploitation of the natural resources of 

Large and Small the United States and the really marvelous 

growth of the country have resulted in some 
large fortunes which catch the public attention, but they have 
also resulted in countless small accumulations of property all 
over the country as shown by the deposits in the banks and by 
the amount of life insurance carried. 

In 1850 there were 251,354 depositors in the Savings Banks 
of the country with $43,431,130 to their credit, an average of 
$172.79; and in 1909 8,831,863 depositors with $3,713,405,710, an 
average of $420.46. In 1880 the individual deposits in all banks 


10 


were $2,134,234,861 and in 1909 $14,108,039,477. In 1850 there 
were 29,407 life insurance policies for $68,614,189 and in 1908 
25,852,405 policies for $14,518,952,277. 

Everyone of these depositors and every holder of a life insur¬ 
ance policy has a personal interest in, seeing that justice is done 
to the railroads—and the, railroads ask for nothing more than 
simple justice, based on accurate knowledge of the real facts. 

Because a very few individuals have by superior brains, in¬ 
dustry and even luck, made large fortunes, is it wise to condemn 
the splendid work of the American Business Man, destroy it 
and fly to socialistic evils that lead no one knows where? 

Collectivism The great force of collectivism has created 
Must Be manufacturing institutions, railroads, banks, in- 
Used Wisely surance companies, labor unions, the Govern¬ 
ment itself, through the voluntary acts of individ¬ 
ual citizens. These institutions, upon which modern society so 
largely rests, cannot be eliminated from our system of life. 

Unless the chemist, working with the great forces of nature, 
uses them properly, he fails to get the result desired and perhaps < 
has an explosion or conflagration. The engineer building a water 
power or a great engine will have failure, friction and disruption 
of his whole scheme unless he handles intelligently the forces 
with which he is dealing. The great industrial and social forces 
must be treated wisely or there will be friction, explosion and 
perhaps disruption. 

The Individual The census of 1900 reported 21,329,819 male 

persons of voting age in the United States 
and today there are, without doubt, 25,000,000. Most of them 
are busy with their daily work, taking care of their families and 
leading quiet and orderly lives and paying little attention to the 
great forces that are at work in this country. 

Suppose, however, that even one per cent, or 250,000 men, go 
about the country and preach on the platform, and in the maga¬ 
zines and in the press that everything is wrong; that the rich 
are growing richer, and the poor are growing poorer, and that 


11 


unless something is done the corporations are going to ruin 
the country—the last thing they want to do? 

Such people can and do make a great deal of noise. If no¬ 
body shows that they are wrong they make a big impression 
and the people begin to think that instead of living in the best 
country in the world and under the best conditions that they 
suffer from continually increasing evils. 

Demagogue The demagogue, the dilettante, and the senti- 

Dilettante mentalist are abroad in the land, and are try- 

Sentimentalist ing t° interfere with the natural working of 

these crreat forces of collectivism. 

o 

The demagogue for wicked and foolish purposes arouses strife, 
creates class hatred and trouble with the hope of personal ad¬ 
vancement politically or otherwise, caring nothing at all that 
an ensuing calamity may bring ruin to many innocent and de¬ 
serving people. 

The dilettante, with a superficial knowledge of the matter under 
discussion, brushes lightly to one side the judgment of sincere 
men obtained from their experience during years of actual work, 
and says glibly that by “scientific management” millions of dol¬ 
lars can be saved if people will only take the trouble to do so. 

The sentimentalist assumes that human nature has no fail¬ 
ings and that the great good he desires can be achieved politely 
and without trouble and suffering if people will only try. 

The old nursery rhyme reads: 

“Multiplication is vexation, 

Division is as bad. 

The rule of three doth puzzle me, 

And practice drives me mad.” 

Many of the people who are trying to tell others how to man¬ 
age their business seem to think that “multiplication is vexation,” 
and that the great big things accomplished by the hard work¬ 
ing men of the United States are wrong. They think that “divi¬ 
sion is as bad,” and that when after earnest efforts business pays 
a return or a dividend that the ability to make a profit must be 
checked. They have lost all sense of proportion and the “rule 


12 


of three” puzzles them badly for they are unable to see how 
great this country is and what great instruments of commerce 
there must be. “Practice” would drive them mad, for very 
few of them have ever done any actual work in conducting 
affairs about which they so readily instruct others. 

Individual Too The individual citizen, having created the 
Complacent railroad, the corporation, the trust, the 

labor union, and our form of Government 
has been too much inclined to fold his hands and leave the man¬ 
agement of his affairs to a few without much check upon them. 

The member of the labor union too often, by credulously 
following an unwise leader and neglecting to express his own 
views, has caused great trouble to himself and to society. The 
voter has left the representatives in the Government too much 
alone and the boss, graft, extravagance, foolish legislation, in¬ 
efficiency and waste have resulted. 

The great mass of the American people are honest and fair 
and when they really understand the great questions of the day, 
they will solve them correctly just as they did the slavery and 
silver questions. 

But the individual must exert himself to obtain 
correct information and to form a sane public 
opinion. The printing of newspapers and period¬ 
icals in this country has grown from 11,314 pub¬ 
lications in 1880, issuing 2,067,848,209 copies a year to 22,603 
in 1909, issuing 10,600,000,000 copies a year. 

It is a sad fact that too many of these publications print 
statements that are not entirely correct and that mislead and 
prejudice the unthinking. Every individual can do some good 
by encouraging decent newspapers and by frowning upon yellow 
journalism and muck-raking magazines. 

The schools of the country are teaching daily, eighteen and 
one-half million boys and girls and every individual interested 
in the welfare of his country should exercise some influence in 
seeing that common sense, industry and self denial are taught 
as well as some other things. 


Papers 

and 

Magazines 


13 


Attacks For a long time it has been very fashionable to 
On attack the railroads. They are a big target. The 

Railroads men engaged in other forms of business have looked 
on and to some extent have sympathized with such 
attacks, not realizing that sooner or later their turn will surely 
come, if the crusade against large forms of business continues. 

The railroad business represents more than 1,500,000 em¬ 
ployes, receiving more than $1,000,000,000 a year in wages; and 
about 1,000,000 security holders. 

The employes and the numerous small owners of the rail¬ 
road as a whole are hard working, conscientious people, whose 
principal capital is their brains and industry and a limited amount 
of money that they may have saved from their wages and income. 
The daily lives of the employes and security holders of the rail¬ 
roads are affected by the success or failure of the railroads and 
they are entitled to protection and encouragement from the 
people and the Government equal to that accorded other citi¬ 
zens. 

The owners of the railroads hold securities worth at par 
nearly $14,000,000,000. The average net return from railroad 
operation for the year ending June 30th, 1909, was 4.07 per 
cent. In 1905 the net income from manufacturing institu¬ 
tions was 13.06 per cent. 

Fortunes in At times the impression is given, in the press, 
Railroads and that great fortunes have been made and are 
Other Business being made in the railroad business. A very 

few have been made, but not nearly so many 
as in manufacturing, mining, merchandising, banking, lumber¬ 
ing. Go into any community and except in rare instances it 
is not the man building railroads or working for them who is 
the rich man, or even the well-to-do. 

The increase in the cost of living in the last five years has 
been reflected in many increases in the wages of the great major¬ 
ity of the 1,500,000 employes; but the returns to the security 
holders who also must meet in their daily life the increased cost 


14 


of living are not only not increased but in many cases have 
been decreased. Many of these security holders are persons of 
moderate means to whom any loss of income is important. 

Judge Sanborn, in his very exhaustive opinion in the Minne¬ 
sota Rate Case says about the return on railroad property: 

“Complaint is made that the Master finds that the com¬ 
panies are entitled to a net return of seven per cent per 
annum upon the respective values of their properties de¬ 
voted to this public use. The character of the business 
in which an investment is made, the locality in which it is placed, the 
returns secured in that locality from other investments of a similar 
nature, the uniformity and certainty of the return, and, the risks to 
which the principal and the income from it are subjected, condition 
the measure of a fair return upon capital invested. An investment in 
a bank, in a factory, in a mercantile, manufacturing or agricultural 
business is substantially free from regulation by the government and 
exempt from any duty to the public except that of paying taxes. 
If the business in which such an investment is made is unprofitable, 
its ozvners may promptly discontinue its operation until more prosper¬ 
ous days come and then return to their undertaking. An invest- 
met in a railroad which operates in many states is subject to the 
regulation of its business by many governments. Its owners owe the 
duty to the governments and to the public to operate their railroad 
continually in days when its operation is unprofitable as well as when it 
is remunerative, a duty they must discharge under the penalty of 
the forfeiture of their property, if they fail. In vieiv of these facts, 
they ought to be permitted to receive a return large enough to enable 
them to accumulate in prosperous days a surplus sufficient to enable 
them to protect their property in days of disaster and to make their 
average return through days of prosperity and of adversity fair and 
just. The lands in Minnesota through which these railroads 
extend are fertile and productive. The cities, villages and towns 
they reach are rapidly increasing in population and wealth, and the 
people they serve are thriving and successful. The evidence satisfies 
that the railroads are maintained in excellent condition, that they 
are efficiently and on the whole economically managed and operated, 
and are rendering commendable service. Justice to the thriving peo¬ 
ple they serve does not require that the owners of these railroad 
properties should be deprived of a fair return upon their values. To 
deprive them of such a return would prevent advances and tend to 
.compel reductions in the wages and salaries of their employes, would 


Return on 

Railroad 

Property 


15 


tend to prevent the extension of their lines into portions of the state 
where the development and accommodation that railroad service assures 
would he welcome and may be needed, to deteriorate the character of 
the service they render, and to retard the general prosperity. The 
legal rate of interest on a debt in Minnesota in the absence of con¬ 
tract, is 6 per cent, and by contract it may be ten per cent per annum. 
(Rev. Laws Minn. 1905 * 2733.) Rational investments in agricul¬ 
tural, manufacturing mercantile, and other industrial pursuits and 
even zvell secured loans, yield returns in Minnesota corresponding with 
these lawful rates. Investments in railroads and the returns thereon 
are at the risk of failures and partial failures of crops, of the disasters, 
delays and expenses of unusual storms, snow and cold, of the 
great financial disasters which occasionally prevent or delay the move¬ 
ment of traffic, and of the burden of continuous operation whether 
profitable or unremunerative. It is an axiom in economics that the 
greater the risk the greater must the return be upon invested capital, 
and the conclusion is irresistible that a net return of 7 per cent per 
annum upon the respective values of the properties of these companies 
in Minnesota devoted to transportation is not more than the fair re¬ 
turn to which they are entitled under the Constitution of the United 
States.” 

Greater ) Manufacturers need a constantly growing market for 
Market their products and there are large areas in the United 
Needed States capable of supporting a much greater population 
than they have at present if agriculture and transporta¬ 
tion both succeed. 


The Northern Pacific 

states for example: 



Square Miles. 

Population. 

Wisconsin . 

. 56,040 

2,333,860 

Minnesota. 

. 83,365 

2,075,708 

North Dakota . 

. 70,795 

577,056 

Montana .: 

. 146,080 

376,053 

Idaho . 


325,.594 

Washington . 

. 69,180 

1,141,990 

Oregon . 

. 96,030 

672,765 

Total .. 


7,503,026 

are nearly six and one half times as large as New York (49,170) 


16 












and Pennsylvania (45,215) together, with their 94,385 square 
miles. These seven states have a population of 7,503,026 as com¬ 
pared with 7,665,111 in Pennsylvania and 9,113,279 in New 
York. They produced, in 1909 a total of 265,712,000 bushels of 
wheat, or 35 per cent of the crop of the United States, and re¬ 
ceived for it $247,617,000., a sum which represents large buy¬ 
ing power of the articles that you are making. 

Undeveloped In some of these states there are regions which 
Country cannot be developed properly without more 

in the West transportation. In Eastern Montana, either 

Maine (33,040 square miles) or Indiana (36,350 
square miles) could be placed and no railroad would touch it. 
In Central Oregon the Northern Pacific, Great Northern and 
Union Pacific are building some railroads, opening a part of the 
state in which, until this recent construction, the great state of 
Ohio (41,060 square miles) could be placed and not a railroad 
would touch it. This area would hold the great state of 
New York with Rhode Island and the District of Columbia thrown 
in for good measure. 

The cost of transportation in Central Oregon has been 
very high because of the lack of railroads. On a ranch last sum¬ 
mer corn was needed and the freight charge by wagon for 100 
miles was $20.00 per ton, 20c per ton per mile—the average 
rail rate in the United States in 1909 was 7.63 mills per ton 
mile. Corn is taken by railroad from the Mississippi River to 
New York, 1,200 miles, for $3.20 per ton. 

Increase in The value of farm property in Ohio, Illinois 

Value of Farm and Wisconsin increased in the last ten years 
Property 83 per cent; in Iowa, South Dakota, Ne¬ 

braska and Kansas 165 per cent; in Minne¬ 
sota, North Dakota, Montana, Idaho, Washington and Oregon 
197 per cent. 

The increase in the value of farm property in all the states 
named has been from $7,640,940,000 in 1900 to $17,762,401,- 
000 in 1910, or more than $10,000,000,000: at the enormous 
rate of $1,000,000,000 per year. Without the rail transportation 


17 




furnished by the American Railroad Owner this great increase in 
national wealth would have been impossible. In 1880 the capital 
employed in manufacturing in this country was $2,790,272,606, 
and in 1905 it was $13,872,035,371—an increase in 25 years of 
$11,000,000,000, or $440,000,000 a year. Without the work of 
the Railroad Owner in creating the transportation machine that 
has enabled the country to expand its population, with a re¬ 
sulting increase in farm values of $1,000,000,000 per year, it 
would have been utterly impossible for you to have increased 
the value of the manufacturing business $440,000,000 a year, 
and to have found a market for. the products, which increased 
from $5,369,579,191 in 1880 to $16,866,706,985 in 1905. 

Waterways It may be urged that a development of waterways 
and would provide needed transportation. The water- 

Railroads ways if very highly developed would furnish a 

limited amount of transportation for narrow strips 
of country adjacent thereto, but trade could not be carried to 
any extent for more than a few miles away from the water. 
Climate in many parts of the country would close the water¬ 
ways for a considerable period of the year. The railroads do 
not object to intelligent and economical use of waterways under 
the same conditions as govern the ownership and operation of 
railroads. 

The American railroad owners and managers have done a great 
work in creating the great transportation machine as it exists 
today, and they can progress still further and do better work if 
not too much hampered and discouraged. The Railroad Owner, 
by his courage, energy and intelligence in adopting advanced 
methods, has been able to improve the railroad system of the 
United States steadily in the last 40 years and still maintain 
and operate his property in spite of the reduction in rates. 
If the Railroad User had paid in 1910 the same average freight rate 
as in 1870, he would have paid $3,092,662,300 more than he did 
pay; if he had paid the same average rate per passenger mile 
in 1910 as in 1888, the additional payment would have been 
$163,023,000, the two amounts being $837,007,762 greater than 
the entire earnings of all the railroads in the United States in 1909. 


18 


The individual citizen, however, who by his voice 
and vote makes or permits to be made the dras¬ 
tic laws now applicable to the railroads must 
remember that the railroads must either earn or 
borrow the money needed to improve the exist¬ 
ing roads and to build new ones, if adequate service is to be 
given. 

In the face, however, of constantly increasing wages and taxes, 
and of stationary or falling rates, the task of furnishing the effi¬ 
cient transportation the American people must have is becoming 
more and more difficult. 

The individual has invested money in railroads in the past for 
the same reason that he has invested in other business—with the 
hope of profit—and there have been great losses to thousands of 
people because their investments turned out badly. Take away 
the hope of profit and the individual will not take the risk of loss. 
In five years, 1904-1908, the investor has taken up railroad 
securities amounting to $4,167,554,569 or an average of $833,510,- 
914 per year. The growth of this country should be so great that 
a like sum or more will be needed annually for a number of years if 
transportation is furnished in sufficient quantity. If individuals 
do not furnish the money, who will? Enlightened self-interest 
should persuade business men to see to it that investment in 
railroads is made attractive enough so that money will seek 
them freely. 

“The laborer is worthy of his hire,” and the American people 
must permit the railroad, which is doing such a great work, to 
receive compensation sufficient to pay good wages, its share of 
the taxes, a fair return on the value of the property, a reasonable 
profit and something to be used each year for necessary improve¬ 
ments and betterments. 

Publicity of corporation affairs and reasonable 
regulation of the great business institutions of 
the country are desirable, but attempting to 
manage in detail such concerns and continual 
and foolish interference with the judgment of the men trained in 
that management is unwise and un-American. Such policy tends 
to cripple the splendid initiative that has accomplished so much 
up to the present time. 


Publicity and 

Reasonable 

Regulations 


Responsibility 
of Individual 
for 

New Capital 


19 


Private vs. With that initiative unimpaired and encouraged 
Public to act far better results will be accomplished for 

Management the whole country than under the management 

of the government. Putting a government uni¬ 
form on a railroad employe does not make him energetic or 
infallible, and it will reduce his feeling of responsibility. 

Attacks While the attacks on the railroads have not ceased, 

on similar action is now being considered and taken 

Business against many other forms of business, and unless in¬ 
dividuals arouse themselves and take some active 
part in trying to create a sane, unprejudiced public opinion about 
business, the troubles that are now confronting the owners and 
managers of railroads will spreead and confront the owners and 
managers of many other kinds of property. 

The railroads can exist without expansion and under the pro¬ 
tection of the Constitution and the Courts their property will be 
allowed to earn some return, but if they do not expand and im¬ 
prove, it will be you and your business that will suffer in the long 
run. You are neglecting your own interests when you en¬ 
courage or permit a governmental policy which tends to discour¬ 
age investment in and improvement of railroads, for without the 
very best railroads, business of all kinds cannot achieve its high¬ 
est development. 

Lincoln said the country could not endure “half slave and half 
free,” and it is a grave question whether the railroads can con¬ 
tinue to meet the demands of the people and be the efficient 
instruments that they should be, if owned by private individuals, 
but in all important matters of management, except finance, 
practically directed by governmental authority. 

The American people are strong enough to have any kind of 
railroad ownership and management that they want, and if they 
want government ownership they can have it. I submit, how¬ 
ever, that the management of business enterprises in this country 
by the government has not given evidence of thoroughness, ef¬ 
ficiency and economy, equal to that displayed by private indi¬ 
viduals and that it is not to the best interest of this country to 
have government owned and government managed railroads. 


20 


Sanity and Bulwer, in his very readable novel, Ernest Maltra- 

Sound vers, in a conversation defines good sense as fob 

Common Sense ^ ows: “G°°d sense is not a mere intellectual at¬ 

tribute. It is rather the result of just equilibrium 
of all our faculties, spiritual and moral The dishonest, or the toys of 
their own passion may have genius, but they rarely, if ever, have good 
sense in the conduct of life. They may often win large prizes, but it 
is by a game of chance, not skill. But the man whom I perceive walk¬ 
ing an honorable and upright career—just to others and also to him- 
self (for we ozve justice ourselves to the care of our fortunes, our 
character, to the management of our passions) is a more dignified 
representative of his Maker than the mere child of genius. Of such a 


man zve say, he has good sense, but he has also integrity, self respect 
and self-denial. A thousand trials which his sense braves and conquers 
are temptations also to his probity—his temper, in a word to all the 
many sides of his complicated nature. Now do not think he zvill have 
this good sense any more than the drunkard zvill have strong nerves 
unless he is in the constant habit of keeping his mind clear from the 
intoxication of envy, vanity and the various emotions that dupe and 
mislead us. Good sense is not, therefore, an abstract quality, or a soli¬ 
tary talent, but it is the natural result of the habit of thinking justly 
and therefore seeing clearly, and it is as different from the sagacity that 
belongs to the diplomatist or attorney as the philosophy of Socrates 
differs from the rhetoric of Gorgias. As a mass if individual excel¬ 
lences make up this attribute in a man so a mass of such men thus 
characterized give a character to a nation.” 

The average American citizen has good common sense. He 
lives in the best country in the world—has the best institutions, 
by far the best and cheapest rail transportation in the world, and 
if the individual will exercise his common sense there is no limit 
to the progress that this great nation will make. If he does not, 
there will be increasing danger of a change in our institutions, 
so that the railroads and corporations, which are and should be 
powerful instruments for good, will be crippled and later on the 
foundations of the government itself will be shaken. 

Every patriotic individual should do his part to counteract the 
foolish talk and insidious influences that are at work in the land 
and should exercise his mental and moral strength. 

"Say not the days are evil — who's to blame ? 

And fold the hands and acquiesce—0 shame; 

Stand up, speak out—and bravely—in God's name.” 


21 


Data and Statistics 


TABLE NO i. 

CONTINENTAL LAND AREA OF THE UNITED STATES, EXCLUDING 

ALASKA AND INSULAR POSSESSIONS. 


Year 

Square Miles 

Settled, at least two persons 
per square mile 

Square Miles 

Per Cent 
of Total 
Land Area 

1800. 

820,377 

3 ° 5 , 7 ° 8 

37-3 

1850. 

2 , 943 A 42 

979,249 

33-3 

1880. 

2 , 974,159 

1,569.565 

52.8 

1900. 

2 , 974,159 

1,925,590 

64.7 

1910. 

2 , 974 A 59 

(Not available 

) 


TABLE NO. 2. 

POPULATION OF THE UNITED STATES. 


Year 

Total 

Living in places having 8,000 
or more Inhabitants 

Number 
of Places 
having 8,000 
or more 
Inhabitants 

Number 

Per Cent 
of Total 

1800. 

5,308,483 

210,873 

4.0 

6 

1850. 

23,191,876 

2,897^86 

12.5 

85 

1880. 

50,155,783 

11,318,547 

22.6 

286 

1900. 

75 , 477,467 

24,992,199 

33 -i 

545 

1910. 

91,972,266 

( 

Not available) 



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24 



























































TABLE NO. 5. 


MANUFACTURES IN THE UNITED STATES. 


Year 

Number 
of Establish¬ 
ments 

Capital Employed 

Amount 

Average 
per Establish¬ 
ment 

i860. 

140,433 

$1,009,855,715 

$7,191 

w 

00 

O 

252,148 

2,118,208,769 

8,401 

1880. 

253,852 

2,790,272,606 

10,992 

1890. 

355.415 

6,525,156,486 

i 8,359 

1900. 

5 i 2 . 2 54 

9,817,434,799 

i 9, i6 5 

1905. 

533.70 

13-872,035,371 

25,989 


TABLE NO. 6. 

WAGE-EARNERS AND WAGES IN MANUFACTURING. 
(Not including officers—clerical employes.) 


Year 

Number 
of Es¬ 
tablish¬ 
ments 

Wage-earners 

. 

Wages per Annum 

Number 

Average 
per Es¬ 
tablish¬ 
ment 

Amount 

Average 
per Es¬ 
tablish¬ 
ment 

Average 

per 

Wage- 

Earner 

i860... . 

140,433 

1,311,246 

9 

378,878,966 

$2,698 

$289 

H 

00 

O 

252,148 

2,053,996 

8 

775 , 584,343 

3,076 

378 

1880.... 

253,852 

2 , 732,595 

11 

947 , 953,795 

3,734 

347 

1890.... 

355,415 

4,251,613 

12 

1,891,228,321 

5 , 32 i 

445 

1900.... 

5 1 2,254 

5,308,406 

10 

2,322,333,877 

4,534 

437 

1905.... 

533,769 

6 ,i 57 , 75 i 

12 

3,016,711,706 | 

5,652 

490 


25 




































TABLE NO. 7. 

EMPLOYES OF ALL CLASSES AND EARNINGS IN MANUFACTURING. 


Year 

Number 
of Es¬ 
tablish¬ 
ments 

Number of 
Officers, Clerks, 
Wage-earners, 
etc. 

Average 
per Es¬ 
tablish¬ 
ment 

Total Wages 
and Salaries 
Paid 

Average 
per Es¬ 
tablish¬ 
ment 

1890. 

355.415 

4,712,622 

13 

$2,282,216,529 

$6,421 

1900. 

5 i 2 . 2 54 

5.705.165 

11 

2,726,045,110 

5.322 

1905 . 

533.769 

6,723,926 

13 

3,625,911,957 

6,793 


Table No. 8 shows the results of manufacturing enterprises 
as disclosed by comparing the cost of materials used with the 
value of the products. The figures are given for the years i860, 
1870, 1880, 1890, 1900 and 1905 and there are also averages 
per establishment. 

TABLE NO. 8. 

RESULTS IN MANUFACTURES. 


Year 

Number 
of Es¬ 
tablish¬ 
ments 

Cost of Materials Used 

Value of Products including 
Custom Work and Repairing 

Amount 

Average 
per Es¬ 
tablish¬ 
ment 

Amount 

Average 
per Es¬ 
tablish¬ 
ment 

i860. 

140,433 

$1,031,605,092 

$ 7,346 

$1,885,861,676 

$13,429 

6 

CO 

M 

252,148 

2,488,427,242 

9,869 

4,232,325,442 

16,785 

1880. 

253.852 

3,396,823,549 

13,381 

5 , 369 , 579,191 

21,152 

1890. 

355.415 

5,162,044,076 

14,524 

9,372,437,283 

26,370 

1900. 

512,254 

7 . 345 . 413.651 

14,339 

13,004,400,143 

25,387 

1905. 

533.769 

9,497,619,851 

W ,794 

16,866,706,985 

3 U 599 


1 


26 





































Table No. 9 shows the length of line of the railroads of the 
United States for the years 1850, 1880, 1900 and 1909, the 
data for the last two years being that reported by the Inter¬ 
state Commerce Commission and representing the conditions on 
June 30. The total also shows the average number of miles 
of line per one hundred square miles of land area and the aver¬ 
age number of miles of line per 10,000 inhabitants. The data 
in this table applies only to the continental area of the United 
States, exclusive of Alaska. 

TABLE NO. 9. 


RAILROADS IN THE UNITED STATES* 


Year 

Total 

Length of Line 
in Miles per ioo 
Square Miles 
of Area 

Per 10,000 
Inhabitants 

1850. 

8,571.48 

0.29 

3 - 7 i 

1880. 

87,724.08 

2-95 

17/49 

1900. 

I 93 . 345-78 

6.51 

25-44 

1909. 

236,868.53 

7.98 

• 27.01 


*Mileage owned. Refer to table 19 for operated mileage. 


TABLE NO. 10. 


LENGTH OF ALL TRACK IN MILES. 


Year 

Total 

Per 10,000 
Inhabitants 


199.875 

21.7 


258,784 

342,351 

28 


37-2 



Table No. 11 contains a classified statement of the number of 
railroad employes in the United States in 1880, 1890, 1900 and 
1909, the data for the last two years named being from the 
reports of the Interstate Commerce Commission and those for 
the last year not including employes of terminal and switching 
companies. 


27 


























TABLE NO. ii. 

RAILROAD EMPLOYES IN THE UNITED STATES. 



1880 

1890 

1900 

1909 

General Officers. 

3-375 

5, j 6o 

4 , 9 16 

5,492 

Other Officers. 

* 

* 

4,669 

8,022 

General Office Clerks. 

$>655 

22,239 

32-265 

69,959 

Stationmen. 

63-380 

111,064 

121,461 

173,252 

Engineers. 

i 8,977 

33-354 

42,837 

57,077 

Conductors. 

12,419 

2 3 » 5 1 3 

29.957 

43,608 

Other Trainmen. 

48,254 

96,368 

118,404 

175 , io 9 

Machinists. 

22,766 

27,601 

32,831 

48,237 

Carpenters. 

23,202 

37.936 

46,666 

60,867 

Other Shopmen. 

43-746 

80,733 

H 4,773 

195,110 

Trackmen. 

122,489 

221,834 

259,884 

362,621 

All Others. 

51-694 

9°- 2I 5 

208,990 

303,469 

Total. 

418,957 

750,017 

1,017,653 

1,502,823 


* Not stated separately; probably included with “General Officers.” 


TABLE NO. 12. 


DEPOSITS IN BANKS. 



1850 

1880 

1900 

1909 

Nat’l Banks 


• 

$833,701,034 

$2,458,092,758 

$4,898,576,696 

Savings “ 

$ 43 > 43 I > I 3 ° 

819,106,973 

2,389,7^,954 

3 > 7 I 3 > 4 o 5 , 7 io 

State 

109,586,595 

208,751,611 

1,266,735,282 

2,466,958,666 

Loan and 
Trust Cos. 

No figures 

90,008,008 

1,028,232,407 

2,835,835,181 

Private Cos.. 

No figures 

182,667,235 

96,206,049 

193,263,224 

Total. 

Depositors in 
Sav’gs Bks. 

251,354 

$2,134,234,861 

2 , 335,582 

$7,238,986,450 

6,107,083 

$14,108,039,477 

8,831,863 

Avg. Deposit 

$172.79 

$ 35 °- 7 1 

$391.30 

$420.46 


(Figures for National Banks include individual deposits only). 


Table No. 13 shows the par value of the capital securities 
outstanding on account of the railroads in the United States. 


28 
















































TABLE NO. 13- 


capital SECURITIES OF THE RAILROADS OF THE UNITED STATES. 


Description 

1880 

Par Value 
of all Securities 
Outstanding 

1890 

1900 

1909 

Par Value 
of all 
Securities 
Outstanding 

Par Value 
of Securities 
Owned by 
Railroads 

Par Value 
of all 
Securities 
Outstanding 

Par Value 
of Securities 
Owned by 
Railroads 

Par Value 
of all 
Securities 
Outstanding 

Par Value 
of Securities 
Owned by 
Railroads 

Shares: 

* 

$3,803,284,943 

606,373,542 

* 

$4,522,291,838 

1,323,287,755 

* 

$6,218,382,485 

1,467,896,060 

* 


* 

* 

* 

* 

Total. 

Funded Debt: 





$2,613,606,264.45 

$4,409,658,485 

S 963 . 8 53.759 

$ 5 , 845 , 579,593 

$1,470,218,972 

$7,686,278,545 

* 

* 

+$4,123,921,557 

* 

* 

t$4,900,626,823 

* 

* 

$6,942,012,066 
1,147,377,191 
8 o 3 , 537 . 3 oi 
284,497,531 
316,297,240 
307,869,061 

* 


* 

* 

* 

* 

Plain bonds, debentures and notes. . . 

* 

* 

* 

* 

* 

* 

* 

76,933,818 
324,242,541 
49 ,47S,2 1 5 

* 

219,536,883 

464,983,341 

60,308,320 

* 

* 


* 

* 

* 

* 


* 

* 

* 

* 






$2,390,915,401.63 

$ 4 . 574 ,576,131 

$ 443 - 0 53. 2 42 

$ 5 , 645 , 455,367 

$472,831,377 

$9,801,590,390 

* 

Grand Total. 


$5,004,521,666.08 

+ $8,984,234,616 

$1,406,907,001 

$11,491,034,960 

$1,943,050,349 

§$17,487,868,935 

$ 3 , 573 , 566,572 


* Not separately given, 
f Includes all bonds. 

t The Interstate Commerce Commission added $453,108,804 of “other forms of indebtedness,” making its total $9,437,343,420. 
§ Includes $202,434,630 assigned to “other properties.” 








































































































TABLE NO. 14. 


LIFE INSURANCE STATISTICS 



1850 

1880 

1900 

1908 

No. of Policies. . 
Amt. of Policies. . 
Assets of Co.’s .. . 

29,407 

$68,614,189 

916,364 

$1,584,717,001 

452,680,651 

I 4 > 395’347 
$8,562,138,746 

1,742,414,173 

25,852,405 

$14,518,952,277 

3 > 399 > 347> 2 46 




TABLE NO. 15. 

THE PRESS OF THE UNITED STATES. 


Year 

Number 
of Publi¬ 
cation 

N umber 
of Publi¬ 
cations • 
Reporting 
Circulation 

Aggregate 
Circula¬ 
tion per 
Issue 

Average 
Circula¬ 
tion per 
Issue 

Aggregate No. 
of Copies 
Issued 
per Year 

1880. 

n,3i4 

10,132 

31,779,686 

3 ,i 37 

2,067,848,209 

1890. 

17,616 

14,901 

69 ,i 3 8 ,934 

4,640 

4,681,113,530 

1900. 

21,272 

18,226 

114,299,334 

6,271 

8,168,148,749 

1905 . 


2 i ,394 

139,939,229 

6,541 

io,3 2 5,i43,J 88 

* 1009. 

22,603 


147,846,223 

6 , 54 i 

10,600,000,000 


^Estimated. 


TABLE NO. 16. 

SCHOOL STATISTICS OF THE UNITED STATES. 


Year 

Popula¬ 
tion of Five 
to Eighteen 
Years 
of Age 

Enroll¬ 

ment 

Average 

Daily 

Attendance 

N umber 
of 

Teachers 

Total 

Expendi¬ 

tures 

1870. 

12,055,443 

6,871,522 

4 , 077,347 

200,515 

$63,396,666 

1880. 

15,065,767 

9,867,505 

6,144,143 

286,593 

78,094,687 

1900. 

21,404,322 

15,503,110 

10,632,772 

423,062 

214,964,618 

1908. 

24,613,763 

*17,061,962 

12,154,172 

495,463 

371,344,410 


*There should be added a considerable number of pupils in private schools, 
estimated in the year 1909 at 1,336,311. 

9 1 
O 1 





















































TABLE NO. 17. 

VALUE OF FARM PROPERTY IN THE UNITED STATES. 




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TABLE NO. 18. 


RAILROAD SECURITIES ISSUED. 


Year 

Stock 

| Bond 

Total 

Increase 
During Year 

i 9°4 . 

$6,339,899,329 

$6,873,225,350 

$13,213,124,679 

$613,134,421 

1905. 

6 , 554 , 557 >° 5 I 

7,250,701,070 

13,805,258,121 

59 2 .i 33»442 

1906. 

6,803,760,093 

7,766,661,385 

14,570,421,478 

765.163,357 

I 9°7 . 

7,356,861,691 

8,725,284,992 

16,082,146,683 

1,511,725,205 

M 

*o 

O 

GO 

7,373,212,323 

9 > 394 > 33 2 > 5°4 

16,767,544,827 

685,398,144 

Average... 

6,885,658,097 

$8,002,041,060 

$14,887,699,157 

$833,510,914 


TABLE NO. 19. 

RAILROAD REVENUE AND MILEAGE. 

1888-I9O9. 


Year 

Revenue 
for each 
Ton-Mile 

Railroad 

Mileage 

Operated 

Year 

Revenue 
for each 
Ton-Mile 

Railroad 

Mileage 

Operated 

1888. 

10.01 

mills 

136,812 

1899. 

7.24 

mills 

i87,535 

1889. 

9.22 


149,949 

1900. 

7.29 

U 

192,556 

1890. 

9.41 


156,404 

1901. 

7 - 5 o 

(( 

195,562 

1891. 

8-95 


161,275 

1902. 

7-57 

u 

200,155 

1892. 

8.98 

U 

162,397 

1903 . 

7-63 

(( 

205,314 

i 8 93 . 

8.7S 

U 

169,780 

i 9°4 . 

7.80 

u 

212,243 

1S94. 

8.60 

cc 

175,691 

1905 . 

7.66 

u 

216,974 

1895 . 

8-39 

u 

177,746 

1906. 

7.48 

u 

222,340 

1896. 

8.06 

u 

181,783 

I 9°7 . 

7-59 

(C 

227,455 

1897. 

7.98 

u 

183,284 

1908. 

7-54 

u 

230,494 

1898. 

7-53 

u 

184,648 

1909 . 

7-63 

u 

235,402 

Total. 



Total. 



Average. . . . 

8.71 

mills 

167,251 

Average. . . . 

7-53 

mills 

2 h ,457 


TABLE NO. 20. 


RAILROAD CAPITALIZATION IN THE UNITED STATES AND FOREIGN 

COUNTRIES (PER MILE). 


England alone. 

. . . . $314,000 

Spain. 

.. $85,327 

United Kingdom. 

. 275,040 

Russia. 

80,985 

France. 

. . . . 139,390 

New South Wales. 

63,999 

Austria. 


Hungary. 

63,010 

Germany. 


Argentina. 

59 , 93 ° 

Switzerland. 


UNITED STATES. 

59,259 


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